At request of insurance companies afraid of climate change, Canada to update flood plain maps for first time in decades, devaluing hundreds of thousands (or millions) of homes.

[CitizenVectron]

https://www.cbc.ca/news/opinion/flood-plains-1.5135336

 

Basically, insurance companies know that climate change is real and that it is affecting their bottom line. To best combat their risk exposure they need data, so they have been working with the federal government to update national flood plain maps. The unfortunate result is going to be the instant devaluation of  many, many homes. In Quebec the government has already begun to offer homeowners $200,000 to move away from at-risk homes. People balk at this as they think their homes are worth more...but in reality if you live on a flood plain in 2019 then your home is basically worth nothing due to the massive rise in catastrophic storms.

 

The most telling line:

 

Quote

Between 1983 and 2008, says Feltmate, annual insurance payouts for catastrophic events in Canada, mostly flooding, averaged between $250 million and $450 million a year. In nine of the 10 years since 2009, the average annual payout has been $1.8 billion.

 

Odd to think that one of humanity's biggest allies in fighting climate change will be insurance companies.

[SuperSpreader]

the enemy of my enemy 

[Guest]

The flood plain maps got updated in the houston area post Harvey. It’s interesting to see new subdivisions being built next to ones that are only 20 years old but are having to be built upwards of 6-8 feet higher. A really compelling visual.

[b_m_b_m_b_m]

Here in freedom land, our national flood insurance program is in the red and is subsidizing homeowners in current flood zones.